CC WS PACKET 02282023 - Laserfiche WebLink

Home Browse Search

minnesota.uli.org 5 Panel Findings These findings are based on the panel’s opinions and analyses as real estate, architecture, finance, and development professionals regarding what would best position Gateway South for redevelopment in the coming years. While the panel considers these ideas and suggestions sound, they are not directives. There is no substitute for developers with motivation and vision. Should partners come to the table with proposals that do not align with these findings but otherwise meets the City’s goals, there should be no hesitation in moving forward. The area will need a catalyst to spur significant redevelopment St. Anthony is an increasingly attractive location in the metro area with growing demand for housing, particularly from families looking to get into the City’s highly rated school district. The study area is positioned with great connectivity to job centers, commercial areas, and recreation. For these reasons, redevelopment in the Gateway South District is a matter of when, not if. Still, the study area today exists in a tricky middle ground in terms of its development lifecycle, particularly for the St. Anthony Shopping Center. Land values are strong and appear to be growing, which means site acquisition will be costly. The existing structures may not be the best possible use of the land, but neither are they dilapidated to the point where the value of the land vastly outweighs that of the buildings. These conditions mean a developer would find it challenging to profitably redevelop the site without either significant investment from the City, and/or a catalytic transformation elsewhere in the study area. As such, the findings and suggestions below are largely focused on activities in which the City can engage to prepare and position for redevelopment when it comes as well as the types of changes that could be the necessary catalyst to trigger wider redevelopment in the study area. Create a strong vision for redevelopment, share it with the community, and then support it Because redevelopment is likely to unfold over an extended period, the City and community have time to develop a vision for what it wants here and the opportunity to build long term buy-in to support it. What does the City want to see? What do residents want? What level of housing density will be supported? How will this area enhance, complement, and interact with the surrounding area including other development opportunities that may arise? Answering these types of questions gives the City something to work towards and helps prospective developers understand the types of projects to which the City will be most receptive. This is likely to make the actual redevelopment process smoother and quicker as projects come forward. Once a vision is created, the City should promote that vision and support it with policy. This could mean assisting with land assembly by purchasing parcels as they become available (e.g. buying units in the office condo) or making zoning, code or land use policy changes ahead of time if they will be necessary to meet the vision’s goals. While it’s not necessary to have specific offers on the table with respect to financing options like TIF districts or tax abatement, it’s helpful to developers to provide guidance on what types of policies the City is willing to entertain for a high quality proposal. Above all, developers will appreciate proactive vision, leadership and a willingness to collaborate to solve problems–characteristics St. Anthony has demonstrated in the past. “This isn't going to happen all at once. Allowing it to happen organically makes it more likely to get something unique to the area.” Paul Maener, Maener Properties